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Weaver Services, a technology-driven housing finance company, has successfully raised approximately INR 1,482 crore (USD 170 million) in a new funding round. The investment was co-led by Lightspeed and Premji Invest, with additional participation from Gaja Capital. The funding will be used to acquire assets, enhance its technology platform, and expand its services to provide affordable housing finance to self-employed individuals in smaller Indian cities.
In a major boost for India's affordable housing finance sector, Weaver Services announced it has secured a substantial INR 1,482 crore (USD 170 million) in a recent funding round. This significant capital infusion, led by key investors Lightspeed and Premji Invest, is intended to fuel the company's ambitious growth plans and further its mission of democratizing home ownership for underserved populations. Advertisement
The newly acquired funds will be strategically deployed to acquire additional assets, which will help scale the company's operations. The company has already acquired Capital India Housing Finance and plans to make another acquisition to expand its market footprint. A substantial portion of the investment will also be allocated to the development of its technology platform.
Weaver Services leverages AI-driven underwriting models and alternative data to streamline the loan approval process and improve risk management, a critical function for serving its target demographic of self-employed individuals in Tier-II and Tier-III cities.
The investment is a strong vote of confidence from leading firms in the potential of technology to solve the challenges of affordable housing finance. With this capital, Weaver Services is well-positioned to expand its reach and provide financial solutions to a segment of the population that has been largely ignored by traditional financial institutions.
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